Carbios (ALCRB) H2 2024 earnings summary

Executive summary

• Report covers the fiscal year ended December 31, 2024, with consolidated and separate financial statements audited under IFRS and French GAAP, respectively.

• The company focuses on enzymatic recycling of PET and biodegradation of PLA, with significant R&D and industrialization efforts, including the construction of the Longlaville PET biorecycling plant.

• The year was marked by a temporary suspension of the Longlaville plant construction pending additional financing, and a cost reduction plan including a reorganization affecting about 40% of positions.

Financial highlights

• Consolidated income for 2024 was €136k, up from €24k in 2023, mainly from feasibility studies and sample deliveries.

• Operating expenses rose to €37.6m (2023: €28.9m), driven by increased R&D, personnel, and general expenses.

• Net loss widened to €33.1m (2023: €27.2m), with basic and diluted EPS at €(1.97).

• Cash and cash equivalents at year-end were €89.8m (2023: €191.8m), with total financial resources of €109m including pledged assets.

• Investments in 2024 totaled €70.6m, mainly for the Longlaville plant and demonstration facilities.

• No dividends were distributed for the last three years.

Outlook and guidance

• The company aims to secure additional non-dilutive financing to resume and complete the Longlaville plant construction.

• Strategic focus remains on licensing its PET biorecycling technology and commercializing PLA biodegradation solutions.

• The company expects to sign its first commercial contracts in H1 2025 and maintain financial visibility beyond the next twelve months.